Aramco Q3 Profit Jumps 34% to $36.3 Billion
Aramco quarterly net profit (USD billions)
Q3 net profit
$36.3 billion
Q3 adj. net income
$31.2 billion
Net profit YoY change
+34.6%
Free cash flow
$28.2 billion
Operating cash flow
$38.7 billion
Oil sold at
$95.20 per barrel
Oil price vs Q3 2025
+$25.10 per barrel
Total production
11 mmboed
Base dividend Q3
$21.9 billion
Upstream vs Downstream adjusted EBIT (USD billions)
| Segment | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Upstream EBIT | ~$44.0B | ~$50.3B | +14% |
| Downstream EBIT | $3.1B | $10.3B | +234% |
| Free cash flow | $23.6B | $28.2B | +19.7% |
| Capital expenditure | $12.6B | $10.5B | -16.7% |
What drove the Q3 profit surge
Three forces combined. First, oil prices: Aramco sold crude at $95.20 a barrel in Q3 2026, up from roughly $70.10 a year earlier, driven by the ongoing Iran-US conflict disrupting Strait of Hormuz shipping. Second, a one-off divestment gain: Aramco completed the sale of its equity stake in PRefChem, a Malaysian refining and petrochemicals joint venture with PETRONAS, booking a significant gain that lifted reported net profit well above adjusted net income. Third, downstream strength: refining and chemicals adjusted EBIT surged 234% to $10.3 billion as Middle East supply disruptions lifted global refining margins. Capital expenditure fell 16.7% year on year to $10.5 billion, boosting free cash flow to $28.2 billion.
"Geopolitical instability and attacks targeting key energy infrastructure had exacerbated global supply security concerns. We continue to explore additional overseas storage capacity and alternative export routes to strengthen our global supply network.
"Amin Nasser (Aramco CEO) in Q3 2026 results statement
What to watch next
2026-11-16: Aramco Q3 dividend eligibility (ex-dividend) date for the $21.9 billion base payment.
2026-11-25: Q3 base dividend payment date; $21.9 billion distributed to shareholders.
OPEC+ monthly meeting: seven-country group continues monthly output reviews; next session will set December production levels.
Q4 2026 results: Aramco expected to report in early February 2027; watch whether oil price holds above $90 and downstream margins sustain.
Alternative export routes: CEO flagged assessment of East-West Pipeline expansion and overseas storage to reduce Hormuz dependence.
HUMAIN AI venture: Aramco acquired a 49% stake in AI company HUMAIN for roughly $2.6 billion; watch first operational update.
How we know this. Net profit, adjusted net income, free cash flow, production, oil price and dividend figures come from Aramco's official Q3 2026 results published November 3 2026 and reported by Arab News, The National News, Gulf Business, The Chronicle, and ANews. CEO quote from the Q3 results statement. Quarterly net profit series from Aramco FY 2025 press release and Saudi Exchange announcements. Upstream EBIT Q3 2025 is derived from full-year and H1 disclosures; all other figures are from o
